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Digital River Reports Third Quarter 2013 Financial Results

Stocks in this article: DRIV

Digital River, Inc. (NASDAQ: DRIV) reported financial results for its third quarter of 2013.

Third Quarter Ended September 30, 2013 GAAP Results Third quarter revenue totaled $90.3 million, including the contribution from the company’s recently divested businesses. This result was consistent with management’s third quarter revenue guidance of $88 to $92 million. Excluding the contribution from the divested businesses, third quarter revenue was $87.3 million, compared to $87.1 million during the same period last year.

Third quarter GAAP net loss, including the contribution from the company’s divested businesses, was $12.5 million or a net loss of $0.40 per share. Third quarter GAAP net loss, excluding the contribution from the divested businesses, was $7.6 million or a net loss of $0.24 per share. These results compared to a GAAP net loss of $0.7 million or a net loss of $0.02 per share in the third quarter of 2012, both including and excluding the contribution from the divested businesses.

Non-GAAP Results Third quarter non-GAAP net loss, both including and excluding the contribution from the divested businesses, was $1 million or a loss of $0.03 per share. These results exceeded management’s third quarter non-GAAP guidance, which ranged from a net loss of $0.10 to a net loss of $0.05 per share. This compared to previously reported non-GAAP net income in the third quarter of 2012, including the contribution from the divested businesses, of $6.6 million and $0.20 per diluted share. Excluding the contribution from the divested businesses, non-GAAP net income was $6.1 million or $0.19 per diluted share in the third quarter of 2012.

“We reported solid financial results in the third quarter. We met revenue and exceeded earnings guidance, with payments continuing to be an important driver behind our top line growth,” said David Dobson, Digital River’s CEO. “We continue to take actions to accelerate our strategic transformation and deliver even more competitive products and services to our customers. We recently divested two of our non-core businesses. In addition, we appointed two new senior leaders to help drive our technology evolution and product innovation strategy, grow our core commerce, payments and marketing businesses, and increase our operational efficiency.”

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